Centre hikes fee on gold certification by 67%, industry body protests
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The Union government on Monday increased the gold hallmarking fee by 67%, hiking it to Rs 75 per article from Rs 45 ahead of the festive season, PTI reported.
The Bureau of Indian Standards certifies the purity and quality of precious metals by adding a hallmark to articles. The mark allows consumers to verify a jeweller’s claim about the purity of the metal by checking the grade printed on the hallmark. The Bureau of Indian Standards operates under the Ministry of Consumer Affairs.
Under the new certification framework, recognised jewellers will have to pay a hallmarking fee of Rs 75 per gold article, subject to a minimum charge of Rs 200 per consignment. This means that even if the calculated fee for the articles in a consignment is less than Rs 200, the jeweller will have to pay at least Rs 200.
The fee for silver articles has been fixed at Rs 35, with a minimum charge of Rs 150 per consignment.
The All India Gem and Jewellery Domestic Council has opposed the hike, urging the government to review the decision and retain the existing charge until consultations are held with stakeholders.
The body said that it was not opposed to hallmarking but only against the “sharp escalation in the cost of...